Bobcat
Premium
join:2001-02-04
Bedminster, NJ | reply to sailor
Re: Chase has gone mad. Raised my APR by 3 times
Don't miss this part: "We apply payments to lower ARP balances before higher ones." |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
| said by Bobcat  :Don't miss this part: "We apply payments to lower ARP balances before higher ones." Yeah right..if I was going to take advantage of the offer I wouldn't use the card again until its paid off. I rarely use this specific card anyway but certainly wouldn't use it if I used the offer. |
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Fickey
Terrorists target your resolve
join:2004-05-31
| Sounds like your understanding is correct, and online would be the way to go. Dmc's concerns may be valid, in this environment a sudden substantial increase in balance could conceivably trigger "adverse actions" by other creditors like higher APRs or lowered credit lines. Who knows?
If you do go forward, consider depositing the check via ATM so that it's processed en masse. Not a huge deal, but that should reduce human involvement and therefore the chance of your bank holding availability until the check clears. Brick & mortar banks know not to trust credit card checks, then again, with all the electronic check clearing now, it may not matter at all.
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Socialized healthcare? The most successful government entities, the Post Office and The Military, are also case studies in waste & inefficiency. |
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Bobcat
Premium
join:2001-02-04
Bedminster, NJ
 ·Verizon Online DSL
| reply to sailor
said by sailor :said by Bobcat :Don't miss this part: "We apply payments to lower ARP balances before higher ones." Yeah right..if I was going to take advantage of the offer I wouldn't use the card again until its paid off. Discover has (or used to have) offers where you HAD to use the card at least once a month. And, of course, those purchases would be financed at a very high interest rate until the 0% balance was paid-off.
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It's nice to be important, but it's more important to be nice. |
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sailor
Merry Whatever ..R.I.P. dadkins
Premium
join:2003-10-21
Long Island
2 edits | Yeah, they are not our friends and will do anything to attempt to squeeze blood out of us. It actually saddens me about the country and the bail-outs. By rewarding those who speculated and gambled ( bankers forgetting they were bankers and suddenly wanted to be traders ) nothing will change in the future....soon the banks and their investment divisions will go right back to doing what created this mess in the first place...the only ones who suffered from their greedy speculation and losses are those of us who have lived within our means and are responsible with our finances.
Nothing has changed except we, our children and our grandchildren will be up to their eyeballs in national debt due to the rewarding of those who gambled and lost but yet got bailed out with our tax money.  |
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Mr Neutron
Hopped up on what you mopped up
Premium
join:2005-05-30
Gorham, ME
| reply to Fickey
said by Fickey :Sounds like your understanding is correct, and online would be the way to go. Dmc's concerns may be valid, in this environment a sudden substantial increase in balance could conceivably trigger "adverse actions" by other creditors like higher APRs or lowered credit lines. Who knows? I'd have a chat with other folks who have taken them up on their check offer, first, to see if any adverse action resulted.
From what I understand, card companies can and have used the checks to suss out who is in financial trouble (and, therefore, needs to use the checks) and ripe for a CLD/account closure.
creditboards.com might have a thread going on this, but I haven't been there in a while. Maybe start another thread here asking people who've cashed a check to report any results?
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We could use the £5,000 to buy a spoon. And then fill up with ice cream. |
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avd706
insert annoying animated gif here
Premium
join:2003-02-06
Union, NJ | reply to damn
Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone??
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Team JON. |
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dvd536
as Mr. Pink as they come
Premium
join:2001-04-27
Phoenix, AZ
| said by avd706 :Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone?? Call the 1-800 number on back of card for the address or check your bill for it
usually you see "telephoning will not preserve your rights" so you have to do it in WRITING!
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When I gez aju zavateh na nalechoo more new yonooz tonigh molinigh - Ken Lee |
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avd706
insert annoying animated gif here
Premium
join:2003-02-06
Union, NJ
| said by dvd536 :said by avd706 :Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone?? Call the 1-800 number on back of card for the address or check your bill for it usually you see "telephoning will not preserve your rights" so you have to do it in WRITING! Never mind, I found the original notice. There is an 800 number to call andits all automated. I'm going to mail a letter too just in case.
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Team JON. |
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CKizer
Raptus Regaliter
Premium
join:2003-01-29
Tijeras, NM
| reply to damn
Chase plat card (former WAMU) + 30% APR = zero balance (account closed).
I will never be a Chase customer, only an investor. 
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Crunching for Help Defeat Cancer and FightAIDS@Home at the World Community Grid. |
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PX Eliezer
Premium
join:2008-08-09
New Jersey
 ·Callcentric
·Optimum Voice
·callwithus
·voip.ms
1 edit | reply to avd706
said by avd706 :Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone?? Here's what I found out about them compared to other banks:
If you opt out with another bank, your account is closed---of course you have to pay it off, but you can't make any new charges. And your account will say: Available Credit is zero.
Bank of America does it differently---they keep your account OPEN and if you accidentally charge something, or if it was an automatic charge created by a billpay arrangement (such as paying your monthly electric bill) then the bank will swoop in and RAISE the rate at that point.
Until I realized this, I couldn't figure out why they mailed me a new card even after I opted out, and why my account still lists credit available. It's because this bank does NOT actually close the account! So be careful!! |
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avd706
insert annoying animated gif here
Premium
join:2003-02-06
Union, NJ
| said by PX Eliezer :said by avd706 :Anyone know the address to opt out of a bank of america credit account raise? Can it be done over the phone?? Here's what I found out about them compared to other banks: If you opt out with another bank, your account is closed---of course you have to pay it off, but you can't make any new charges. And your account will say: Available Credit is zero. Bank of America does it differently---they keep your account OPEN and if you accidentally charge something, or if it was an automatic charge created by a billpay arrangement (such as paying your monthly electric bill) then the bank will swoop in and RAISE the rate at that point. Until I realized this, I couldn't figure out why they mailed me a new card even after I opted out, and why my account still lists credit available. It's because this bank does NOT actually close the account! So be careful!! thats probably a good thing, it probably shows active on a credit report.
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Team JON. |
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Mele20
Premium
join:2001-06-05
Hilo, HI
| CapitalOne does the same thing. The account is "restricted" but shows my credit limit. But they had a problem with this particular card and actually changed things after I called spoke with a supervisor who agreed with me. They weren't going to allow those of us who opted out of the new terms (on a fixed forever, they had said, low interest rate/no balance transfer fees ever card) to continue paying off the balance on their website. So, it could be just this one card of theirs, after they fixed it so we could continue to pay online, that continues to show the credit line available.
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"The same ferocity that our founders devoted to protect the freedom and independence of the press is now appropriate for our defense of the freedom of the internet. The stakes are the same: the survival of our Republic". Al Gore, The Assault on Reason |
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